I’ve been talking for a couple months about how prices were surging into the final days of the double-dip home buyer tax credit. The double-dip, described in last month’s price update, allowed certain buyers to receive both a federal and a state tax credit as long as they closed before June was over. I posited that it was no coincidence that prices rose so strongly as people rushed to buy before that deadline hit. I also speculated that we’d see another strong month in June, the last month in which buyers could receive both tax credits.

This is the feeling the thrillseekers got when riding in a barrel and they started to go over the edge of Niagra Falls.